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Ghana-Banks-Economy

Ghana: ADB, NIB staffers jubilate over cancellation of planned merger

December 11, 2018
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10:47

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APA-Accra (Ghana)

The cancellation of the proposed merger of two of Ghana's influential banks into one giant bank, has been welcomed with delight by the staffers of the Agricultural Development Bank (ADB) and the National Investment Bank (NIB).

The government planned to merge the two entities into the National Development Bank, which according to the Minister of Finance, would have strengthened Ghana's financial sector.

However, some staff of the two banks, kicked against the idea of merging the banks, compelling President Nana Akufo-Addo to intervene to enable the two banks recapitalise and revamp its operations.

The Daily Graphic on Tuesday reports that although the matter has not been officially announced, government is expected to make an official pronouncement soon.

But a visit by APA to the office of the two banks, situated in Accra, showed that workers were conducting their activities briskly in very cheerful mood.

Some staffers, who pleaded anonymity, said if the government agents, who served as board members would desist from interfering in their activities, the two banks would operate and make profit.